After attending the 2023 NAI Global Convention this week, it’s clear that Las Vegas is back in full force in Q1 2023. Earlier last year, there was a strong YoY rebound in the first quarter of 2022, and a dwindling in the remainder of 2022 for major Las Vegas shopping destinations. The outlook for 2023 is trending positive as we see an uptick in January 2023.
Forum Shops at Caesars is seeing the strongest YoY return. This shopping paradise combines over 150 specialty stores and restaurants ranging from designer luxury to casual mall favorites to fine dining. For its highest rollers, this shopping mecca has secret rooms for private fittings, off-the-menu delicacies, and even a VIP parking lot. Grand Canal Shoppes at the Venetian is also experiencing a resurgence. With its gondola rides and architecture based on visits to Venice, shoppers are keen to experience Italy. Fashion Show, which is at the northern end of Las Vegas Boulevard, is anchored by department stores such as Nordstrom and Macy’s and features NYC-style runway fashion shows. At The Shops at Crystal, which hosts the amazing wooden architecture of Mastro’s Ocean Bar, one can find all the high-end designers housed under one roof, including Chanel, Hermes, Louis Vuitton, Gucci, and Saint Laurent. Miracle Mile Shops by Planet Hollywood is showing flat YoY growth for January 2023, and features over 170 stores, 15 restaurants, and live entertainment venues.
While Vegas was indeed hit hard by Covid-19, as were many tourist-dependent destinations, a broad view of the patterns from January 2019 to January 2023 indicate that the desire to hit the slots or see world-class acts has not diminished. In 2022, John Legend had his Love in Las Vegas residency from April - October at Planet Hollywood; Katy Perry launched her Play residency at Resorts World Las Vegas; and Lady Gaga was at the Park MGM the second half of April. Current Las Vegas headliners in residence include Adele at Caesars Palace, which runs from November 2022 to March 2023. Caesars Palace had a huge bump the weekend leading up to Jul. 4, 2021 putting that weekend nearly on par with pre-Covid visitation the week of Christmas in 2019. Visits to Vegas are quite seasonal among the various resorts with popular timings including Thanksgiving, Christmas, Spring Break, and July 4th weekend.
Other famous resorts such as the Cosmopolitan and the Bellagio are also seeing traffic return.
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